Japan’s Successful Economic Model
Japan’s GDP growth lags most other developed economies, and will likely continue to do so as the population slowly declines. But what matters for human welfare is GDP per capita, and on this front, the country excels.
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TOKYO – Nearly everyone says that Japan’s economic model has imploded. Since 1991, growth has averaged just 0.9% versus 4.5% over the previous two decades. Slow growth, combined with large fiscal deficits and near zero inflation, has driven government debt from 50% of GDP to 236% of GDP.